@ZCP Very good! Hoping to get out to the US/B&P when it comes around again.
Good framing with the questions. It's made me realise that the answer may be much different in the US vs Ireland.
Q1) Deemed disposal in Ireland is an anti-avoidance tax rule that forces investors to pay a 41% "exit tax" on unrealized gains from certain investment funds (like ETFs and life assurance products) every eight years, even if the assets have not been sold. (N.B The government is most likely going to change this rule within the next 12 months as there are big protests over it).
Q2) I was able to buy with no money down.
Q3) Property was bought at auction so it was either 1.5-2.5% on the sellers side. No buyers agent fee (We dont really have buyers agents here).
Q4) Incredibly low stock available. There are 20 places for rent in my city of 250k+ people. If I did sign a rental contract after 6 months it becomes a 6 year tenancy if the tenant wants with rent increases locked to inflation rate per year. After 6 years the owner can reset to market rate. Basically rent control. This new law only came into effect in March. Its had the unfortunate side effect of encouraging people to stay within their rent controlled property as moving city for jobs etc comes with massive rent increases as any new tenancy is at market rates.
Q5) Tech salaries are down and lots of people are getting fired (Takes 3-6 months to fire people here by govt regulations for major companies). Ireland is very exposed to Silicon Valley as we have a massive concentration of multinational companies due to the tax benefits. Other jobs are up 5-10%.
Q6) Biggest change is going from Galway to Dublin. 20%+ salary bump but the cost of living is much higher in Dublin. No other city in Europe compares then within the tech industry. You'd have to go to the US and its almost impossible to get a work visa as an Irish person. If you work in blue collar the only salary bump is moving to Australia which has a similar cost of living but much higher salaries and the visa is so easy.
Good framing with the questions. It's made me realise that the answer may be much different in the US vs Ireland.
Q1) Deemed disposal in Ireland is an anti-avoidance tax rule that forces investors to pay a 41% "exit tax" on unrealized gains from certain investment funds (like ETFs and life assurance products) every eight years, even if the assets have not been sold. (N.B The government is most likely going to change this rule within the next 12 months as there are big protests over it).
Q2) I was able to buy with no money down.
Q3) Property was bought at auction so it was either 1.5-2.5% on the sellers side. No buyers agent fee (We dont really have buyers agents here).
Q4) Incredibly low stock available. There are 20 places for rent in my city of 250k+ people. If I did sign a rental contract after 6 months it becomes a 6 year tenancy if the tenant wants with rent increases locked to inflation rate per year. After 6 years the owner can reset to market rate. Basically rent control. This new law only came into effect in March. Its had the unfortunate side effect of encouraging people to stay within their rent controlled property as moving city for jobs etc comes with massive rent increases as any new tenancy is at market rates.
Q5) Tech salaries are down and lots of people are getting fired (Takes 3-6 months to fire people here by govt regulations for major companies). Ireland is very exposed to Silicon Valley as we have a massive concentration of multinational companies due to the tax benefits. Other jobs are up 5-10%.
Q6) Biggest change is going from Galway to Dublin. 20%+ salary bump but the cost of living is much higher in Dublin. No other city in Europe compares then within the tech industry. You'd have to go to the US and its almost impossible to get a work visa as an Irish person. If you work in blue collar the only salary bump is moving to Australia which has a similar cost of living but much higher salaries and the visa is so easy.
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